Mahindra sells 1 lakh vehicles through its auction platform

Mahindra First Choice Wheels Ltd (MFCWL), a multi-brand used car company, today announced that it has sold one lakh vehicles through its 'Autobid' auction platform known as eDiig.

The platform has conducted nearly 7,500 auctions with over 6,500 buyers across nearly 900 locations, making it the used vehicle b2b platform in India.

'Autobid is a world class auction platform that provides excellent liquidity for sellers and buyers.

The one lakh actual transactions represent the number of vehicles sold through the platform and this scale is testament to the efficacy of the platform and the efficiency of our team' Mr. Nagendra Palle, CEO, Mahindra First Choice Wheels Ltd, said in a release

The company is working on launching a series of products and value added services to support the used vehicle market. It has recently launched two value added services - 'AutoInspekt', its vehicle evaluation service, and 'IBB', which provides pricing guidance for buyers and sellers, both of which are unique, industry first features.

'The auction platform illustrates the growing need for and adoption of the 'bricks and clicks' hybrid model by the used vehicle industry. We are looking forward to playing a key role in expanding this model over the next few years' he added.

The company plans to expand the number of outlets to 500 in the next three years.